AdventHealth Exits the SNF Market
AdventHealth, a faith-based, not-for-profit health system headquartered in Altamonte Springs, Florida, divested its wholly-owned skilled nursing portfolio in central and west Florida as part of a strategic exit from the sector. The portfolio included seven high barrier-to-entry locations with 833 total licensed beds. Nearly all facilities were four and five-star CMS rated, with two assets constructed in 2018 and 2019. Locations were strategically situated within the health system’s footprint including some hospital-adjacent sites that allowed for specialized care for higher acuity patients. The portfolio also boasted high referral volume, quality payor mix and high overall census, and... Read More »
Midwest Owner/Operator Adds to Ohio Portfolio
A Midwest-based regional owner/operator decided to add to its existing Cleveland-area portfolio with the acquisition of The Landing of Stow in Stow, Ohio. Built in 2008, the community features 61 assisted living and 20 memory care units on over eight acres. Its previous owner chose to divest the asset to focus attention on communities that more closely align with its current footprint. Meanwhile, the buyer will look to leverage its talent in the market to improve occupancy and reduce agency staffing. Occupancy was around 75% at the time of marketing. Bradley Clousing, Dan Geraghty and Ryan Saul of Senior Living Investment Brokerage handled the transaction. Read More »
Texas Senior Care Campus Changes Hands
Daniel Morris of Plains Commercial sold Country Village, a large senior care campus in Angleton, Texas. The seller was a long time owner/operator who was looking to retire. Built in 1985, the campus was extensively renovated in the mid-2010s and showed well. The campus is licensed for 138 skilled nursing beds, with 38 assisted living and 32 memory care units. The facility was cash flowing at the time of the sale, but offers significant upside through further lease-up and expense control. Occupancy was around 50% at the end of 2022 but was improving throughout 2023. After a competitive bidding process, the seller chose to engage with a partnership between a private investor and a... Read More »
Blueprint Closes Another South Carolina Deal
A publicly traded REIT divested a skilled nursing facility in Bennettsville, South Carolina, with an East Coast-based owner/operator adding to its existing in-state portfolio. Blueprint Healthcare Real Estate Advisors handled the transaction, following two other South Carolina sales closed by the firm in the second quarter. Those included a skilled nursing facility in Beaufort and an assisted living/memory care community in Florence. Amy Sitzman, Brooks Blackmon and Giancarlo Riso worked on the deal. Similar to the Bayview Manor deal in Beaufort, the Bennettsville facility was constructed in several phases beginning in 1958 and featured 110 predominantly semi-private rooms. It maintained... Read More »
Stabilized, Class-A Asset Sells in Kentucky
Nearly five years after acquiring a newly-built senior living community in Lexington, Kentucky, Atlas Senior Living is selling the asset, marking the first disposition in the company’s nearly 10-year history. Blueprint Healthcare Real Estate Advisors’ Brooks Blackmon, Ben Firestone, Kyle Hallion and Lauren Nagle handled the transaction on behalf of Atlas and oversaw a competitive bidding process for one of the few Class-A, stabilized communities on the market right now. Opened in 2017, The Legacy at Fritz Farm was developed by DMK Development at a cost of $26 million, or $155,000 per unit. It features 114 independent living, 38 assisted living and 15 memory care units. The community was... Read More »Schedule a demo
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